I can't see how it would damage the camera since it doesn't change the firmware and those who did brick it probably didn't follow the instructions properly, which aren't brain surgery but of course it's your decision.

Canon 500D wrote:

I can't find the official Magic Lantern website via Google if there is one.

Seriously? The first Magic Lantern search on Google UK is the website.

If you mean Unified Edition - Release 2011Dec22, which also works on the 500D, then yes, I'd recommend it.

Though they call it an unstable port, that doesn't mean it'll brick the camera, it just means that some additional functionality that works on the 550D or 600D, for example, may not work properly or at all on the 500D.